ABC Ltd. began to trade on 1^st January, 2006. During 2006 the company was engaged on only one contract of which the contract price was Rs. 5,00,000. Of the plant and materials charged to the contract, plant which cost Rs. 5,000 and materials which cost Rs. 4,000 were lost in an accident. On 31^st December, 2006 plant which cost Rs. 5,000 was returned to the store, the cost of work done but uncertified was Rs. 2,000 and materials costing Rs. 4,000 were in hand on site. Charge 10% depreciation on plant. Prepare Contract A/c and the Balance Sheet from the following:

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Share Capital Creditors Cash recd. (80% of work certified) Land and Building Bank Balance Charged to contract: Materials Plant Wages Expenses Trial Balance as on 31st December, 2006 Rs. 43,000 25,000 90,000 25,000 1,40,000 7,000 3,30,000 Rs. 1,20,000 10,000 2,00,000 3,30,000